Bitfarms is still checking out in the US.

Bitfarms, the largest company in the cryptocurrency world in Quebec, continues to attract the interest of American investors.

The company, founded in Brossard in 2017, has just announced a new injection of American capital, this time worth $ 40 million. If all goes as planned, this funding will be officially closed today.

This is the third round of funding announced in six weeks by the company, listed on the TSX Venture Exchange in Toronto. Last month, Bitfarms announced two more separate rounds of funding, worth $ 20 million each.

A sixth center in the works

This third round brings to $ 80 million the sums raised by Bitfarms in the United States from institutional investors since the beginning of 2021. This will allow us to “increase our mining capacity and extend our infrastructure”, confided to the Diary its president, Geoffrey Morphy.

Bitfarms specializes in bitcoin mining, which involves solving – using powerful systems – complex cryptographic problems on behalf of the Bitcoin network. Bitfarms now has five cryptomining centers in the province, in Farnham, Saint-Hyacinthe, Cowansville, Magog and Sherbrooke. 

The company is preparing the establishment in the province of a sixth mining center, which would have the capacity to triple the size of its activities by the end of the year. Failing to gain Quebec’s attention, the latter suggested, on the other hand, that it might have to choose to continue its growth elsewhere, possibly south of our borders.

Wall Street in the crosshairs

In an interview yesterday, the president confirmed to the Journal that he was stepping up the steps to register Bitfarms on the New York Stock Exchange. “The Nasdaq would be ideal,” Morphy told us. 

“The reality is that the United States is 10 times the size of our country. The same goes for their investment capacity, which would be very useful to us in achieving the growth objectives that we have set for ourselves. “

Like Bitcoin for more than a week, Bitfarms’ stock continued to advance yesterday. Its stock rose 11.52% to close at $ 4.55 on the Toronto Stock Exchange.

Posted on

Leave a Reply

Your email address will not be published. Required fields are marked *